川财证券：研究所晨报-20241028

Core Insights - The report highlights a significant acceleration in the growth rate of retail sales of consumer goods, with a year-on-year increase of 3.2% in September 2024, which is an improvement of 1.1 percentage points from the previous value [8][9] - The industrial production is showing marginal acceleration, supported by export and domestic demand expansion policies, with the industrial added value for September 2024 growing by 5.4% year-on-year, an increase of 0.9 percentage points from the previous value [4][8] - The report suggests a focus on emerging sectors such as autonomous driving, low-altitude economy, and artificial intelligence as potential investment opportunities [5][6] Economic Performance - In the first three quarters of 2024, the GDP grew by 4.8% year-on-year, while fixed asset investment (excluding rural households) increased by 3.4% [4][8] - The manufacturing investment showed a strong support role, with a year-on-year growth of 9.2% in the first nine months, indicating a stable upward trend in manufacturing investment [8] Policy and Market Trends - The Ministry of Industry and Information Technology plans to cultivate new industries such as low-altitude economy, commercial aerospace, and biomanufacturing, which are expected to drive future economic growth [6] - The report notes that recent macroeconomic policies, including interest rate cuts and housing loan rate reductions, are expected to further stimulate consumer spending and investment [9] Sector-Specific Insights - The report indicates that the global four-legged robot market is experiencing significant growth, with sales expected to exceed 560,000 units by 2030, driven by advancements in technology and increasing demand for automation [7] - In the Chengdu-Chongqing economic circle, major projects completed investments of 369.9 billion yuan in the first nine months of 2024, reflecting a strong commitment to infrastructure and industrial development [7]